Category Archives: Bitcoin
Bitcoin price today: unchanged at $69k amid Fed fears, spot Ether ETF focus – Investing.com
Investing.com-- price moved marginally on Thursday as a recent rally in cryptocurrencies, on hype over a potential spot Ether exchange-traded fund, was largely undermined by renewed fears of high U.S. interest rates.
U.S. rate jitters sparked strong overnight gains in the dollar, which pressured crypto prices across the board.
Bitcoin slipped 0.35% in the past 24 hours to $69,390 by 09:05 ET (13:05 GMT). The worlds biggest cryptocurrency settled back into a trading range seen for most of the past two months, after a brief breakout earlier this week.
World no.2 token Ether hovered around two-month highs hit earlier this week, retaining a bulk of gains made on hype over the potential approval of a spot Ether ETF for U.S. markets. The Securities and Exchange Commission is set to make a decision on the matter as soon as Thursday or Friday.
Ether rose around 5.5% over the past 24 hours to $3,878.84. The token marked a strong rally this week after reports on Monday said the SEC had asked certain exchanges to fine-tune their filings for spot Ether ETFs.
While the move did mark some progress towards a spot ETF approval, it did not guarantee their approval.
The SEC is now set to decide on applications for a spot Ether ETF from VanEck, ARK Investment Management and seven other issuers later on Thursday or Friday.
According to QCP Capital, the approval of spot ether ETFs in the U.S. could potentially drive a rally of up to 60% in the second-largest cryptocurrency in the coming months.
The forecast mirrors the market reaction seen after spot bitcoin ETFs were approved in January, said the Singapore-based firm in a Thursday broadcast on Telegram. Bitcoin surged from $42,000 to over $73,000 within two weeks of the ETFs beginning to trade on January 11, as per CoinGecko data.
"With Friday implied volatility above 100%, the market is expecting fireworks," QCP said.
"VanEcks ETF has been listed by the DTCC. We think approval is now highly likely with trading expected as early as next week, it added.
Implied volatility measures the market's expectation of future price fluctuations for a financial instrument.
Broader cryptocurrency markets unwound a bulk of gains made earlier this week, as fears of high for longer U.S. interest rates ramped up following some hawkish signals from the Federal Reserve.
The minutes of the Feds late-April meeting showed increasing concerns among policymakers over sticky inflation, with some members even signaling they were prepared to hike rates to quell inflation.
A slew of Fed officials also warned this week that the bank had little confidence that inflation was easing steadily towards its 2% annual target.
While the chances of another rate hike are dim, any stickiness in inflation is likely to delay the Feds plans to begin trimming rates. High for long rates bode poorly for crypto markets, given that the sector usually thrives in low-rate, high-liquidity markets.
Altcoin prices mostly fell on Thursday. SOL shed 2.5%, while lost 1%. Among meme tokens, SHIB fell 0.5%, while DOGE climbed 0.3%.
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Bitcoin price today: unchanged at $69k amid Fed fears, spot Ether ETF focus - Investing.com
XRP Skyrockets 60% in Volume as XRP Price Outperforms Bitcoin – U.Today
Trading volume of derivatives on the popular cryptocurrency XRP has increased by 60% in the last 24 hours, according to the latest data fromCoinGlass. This notable growth was primarily due to a significant increase in the turnover of perpetual XRP futures, which reached a whopping $2 billion. Simultaneously, on the spot market, the trading volume of XRP increased by 18.40% to reach $1.75 billion.
Combined, these figures brought the total turnover ofXRP on centralized platforms to a staggering $3.75 billion in a single day. Given that the token's market capitalization is $29.5 billion, trading volume is now approximately 12.71% of the total value, indicating a high level of trading activity.
In addition, theprice of XRP againstBitcoin rose by more than 3% today: the cryptocurrency is now trading at 0.00000785 BTC. In dollar terms, this growth is characterized by the fact that XRP rose in price by more than 3%, while Bitcoin fell by 1.26%.
This divergence is largely due to the recent market decline, which has seen positions worth $119.85 million liquidated in the last few hours.
XRP's positive momentum is fueled by Coinbase's decision to add a token to its platform, a move that will make the cryptocurrency available to New Yorkers for the first time since its removal in 2021 amid Ripple's legal battle withthe SEC. This development has significantly boosted XRP's market presence and trading activity.
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XRP Skyrockets 60% in Volume as XRP Price Outperforms Bitcoin - U.Today
Bitcoin return to $73K could be a start to ‘escape velocity’ phase – Cointelegraph
A potential return of Bitcointo $73,000 could mark the beginning of the assets acceleration to escape velocity, according to a crypto analyst.
Escape velocity is a term used in astrophysics to describe the minimum speed needed for an object to escape from the gravitational field of a celestial body, like a planet or moon, without further propulsion.
Crypto analyst James Check used the term in a May 21 market report to describe what Bitcoin (BTC)could do once it retakes the $73,000 price point.
Check refers to the short-term holder (STH) market value to realized value (MVRV) metric, which he explains suggests the market is not yet overstretched, overbought, and over-saturated.
Whilst the transition from enthusiasm to euphoria can happen quickly, it feels like we have not reached the point of euphoric escape velocityyet, Check explained.
We are still within a steady, stable, enthusiastic, but importantly NOT euphoric phase of the bull, he said, forming strong base foundations for a price rally at $73,000.
However, he also warned that this price point is also where STH wallets that have held Bitcoin for less than 155 days are now in sufficient profit, which may lead to a sell-off causing some resistance.
A few other crypto analysts also agree market euphoria has yet to materialize.
Bitcoin is at $70k and there is little excitement and no euphoria, have to like it, crypto trader Matthew Hyland declared in a May 22 post on X.
Bitcoin is just a sneeze away from entering price discovery, added pseudonymous crypto trader Jelle.
Related: Bitcoin price preps for bigger move as on-chain metrics reset
Pseudonymous crypto trader Yoddha is under the belief that Bitcoin will reach its peak price before March 18, 2025:
Bitcoin has been consolidating in the current range from the past 84 days, IMO from the current price, BTC will hit the Top within the next 300 days, they wrote in a May 22 poston X.
A jump to $73,000 from its current price of $69,088 is around 5.6%, according to CoinMarketCap data.
Magazine: If Bitcoin doubles, Stacks will 4x in 2025: Daan Crypto Trades, X Hall of Flame
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
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Bitcoin return to $73K could be a start to 'escape velocity' phase - Cointelegraph
Bitcoin’s recent price move is the ‘real deal market pump’ to $90K – Cointelegraph
Bitcoins14% surge over the past week has convinced traders that it could be the real deal market pump with another correction not expected until it reaches $90,000.
I believe this is the real deal market pump as fundamentals and technicals are providing confluence, pseudonymous crypto trader Roman told Cointelegraph.
They explained Bitcoins price decline from its all-time high of around $73,738 to a 21% drop to $58,000 on May 2, was a much-needed correction for higher prices in the future.
Roman pointed to the bullish reversal pattern seen on the Bitcoin (BTC) price chart this week as a strong indicator that it wont drop into another consolidation period until it surpasses its March 12 all-time high of $73,679 by at least 20%.
I think we will move to at least $90,000 to $100,000 before we see another consolidation period or correction, they declared.
The bullish reversal pattern was signaled by a spinning top candlestick near the downtrends bottom on May 20, closing at $66,278, according to CoinMarketCap data.
Bitcoin was trading at $70,140 at the time of writing.
Bitcoins recent price spike comes amid heightened speculation the United States Securities and Exchange Commission (SEC)could be moving to approve spot Ether (ETH) exchange-traded funds (ETFs), which analysts and the broader community have doubted over the past few weeks.
The market sentiment took a positive turn as a result, with the Crypto Fear and Greed Index shooting up by 12 points in just 24 hours, reaching an Extreme Greed score of 76 on May 21.
The positive sentiment spike came after reports the SEC had urged Ether ETF applicants to speed up their 19b-4 filings on May 20.
Ledn chief investment officer John Glover was surprised at how the speculation impacted Bitcoins price.
It makes complete sense that ETH jumped higher on this news; it is interesting to me that this brought BTC price up along with it as there should be zero impact on BTC demand from an SEC approval for ETH, Glover told Cointelegraph.
Related: Bitcoin shorts worth $1.4B at risk of liquidation if BTC price hits $74.3K
Glover anticipated there might be some volatility before reaching new record highs.
I would guess we see some profit taking in the market, which will push BTC prices down from the $71,000 level in the coming days as well, Glover said.
Despite the positive shift in market sentiment, crypto traders are bracing for a slight dip in Bitcoins price before it continues its upward trend, according to CoinGlass liquidation data.
Even a slight 1% spike to approximately $71,000 would wipe around $766.73 million in short position liquidations. On the flip side, a 1% drop to about $69,400 would clear $101.54 million in long positions.
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This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
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Bitcoin's recent price move is the 'real deal market pump' to $90K - Cointelegraph
Judge: Craig Wright forged documents on grand scale to support bitcoin lie – Ars Technica
Enlarge / Craig Wright arrives at a courthouse in London, England, on February 23, 2024.
Getty Images | Lucy North-PA Images
A British judge found that Craig Wright "lied repeatedly and extensively" in a case related to Wright's claim that he is bitcoin inventor Satoshi Nakamoto. "Dr. Wright's attempts to prove he was/is Satoshi Nakamoto represent a most serious abuse of this Court's process," Justice James Mellor of England's High Court of Justice wrote in a ruling published today.
Wright's evidence for being Nakamoto "is at best questionable or of very dubious relevance or entirely circumstantial and at worst, it is fabricated and/or based on documents I am satisfied have been forged on a grand scale by Dr. Wright," Mellor's ruling said.
Today's written ruling came two months after Mellor delivered an oral verdict in which he said the evidence shows Wright is not the person who created bitcoin. The written ruling said, "it is clear that Dr. Wright engaged in the deliberate production of false documents to support false claims and use the Courts as a vehicle for fraud. Despite acknowledging in this Trial that a few documents were inauthentic (generally blamed on others), he steadfastly refused to acknowledge any of the forged documents. Instead, he lied repeatedly and extensively in his attempts to deflect the allegations of forgery."
Mellor's ruling came in a lawsuit filed by the nonprofit Crypto Open Patent Alliance (COPA), which said it sued Wright to disprove his bitcoin-inventing claims and stop him from claiming intellectual property rights to the system. Wright, an Australian computer scientist, started claiming that he created bitcoin in 2016.
The oral ruling in March, which came after a six-week trial, already seems to have had an effect on Wright's legal claims. "In the weeks since the initial ruling, Wright has abandoned multiple lawsuits that were either connected to or built upon his claim to being the creator of Bitcoin," Wired wrote today.
COPA called today's ruling "a watershed moment for the open-source community and even more importantly, a definitive win for the truth. Developers can now continue their important work maintaining, iterating on, and improving the Bitcoin network without risking their personal livelihoods or fearing costly and time-consuming litigation from Craig Wright."
A statement posted on Craig Wright's X account today said, "I fully intend to appeal the decision of the court on the matter of the identity issue." Wright's X account bio calls him the "Creator of Bitcoin."
According to Mellor's ruling, "Dr. Wright presents himself as an extremely clever person" but "is not nearly as clever as he thinks he is. In both his written evidence and in days of oral evidence under cross-examination, I am entirely satisfied that Dr. Wright lied to the Court extensively and repeatedly. Most of his lies related to the documents he had forged which purported to support his claim. All his lies and forged documents were in support of his biggest lie: his claim to be Satoshi Nakamoto."
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Judge: Craig Wright forged documents on grand scale to support bitcoin lie - Ars Technica
UK Judge Rejects Scientist’s Claim to Be Bitcoin Inventor – PYMNTS.com
A judge at Londons High Courtruled Monday(May 20) that Australian computer scientist Craig Wright lied and forged documents to support his false claim of being the inventor of bitcoin.
Judge James Mellor ruled in March that the evidence Wright was not the pseudonymous Satoshi Nakamoto and gave his reasons for this conclusion Monday, ReutersreportedMonday.
The judge said that Wright had lied and forged documents to support his claim to be the inventor and that his lawsuits against developers and hisviews aboutbitcoinalso went against his claims, according to the report.
The case in which this decision was rendered was brought by theCrypto Open Patent Alliance(COPA) and was aimed at stopping Wright from suingbitcoindevelopers, the report said.
In a Mondayblog postthatfollowingthe rule, COPA wrote that the judgment forensically demolishes Wrights fraudulent claims.
This decision is a watershed moment for the open-source community and even more importantly, a definitive win for the truth, a COPA spokesperson said in the post. Developers can now continue their important work maintaining, iterating onandimproving thebitcoinnetwork without risking theirpersonallivelihoods or fearing costly and time-consuming litigation from Craig Wright.
In a Mondaypost onX, Wright said: I fully intend to appeal the decision of the court on the matter of the identity issue. I would like to acknowledge and thank all my supporters for their unwavering encouragement and support.
Wright stepped forward with his claim to be thecreator ofbitcoinin May 2016, making the claim to three publications the BBC, The EconomistandGQ and sending messages digitally signed with cryptographic keys created during the early days ofbitcoinsdevelopment.
These are the blocks used to send 10 bitcoins to Hal Finney in January [2009] as the first bitcoin transaction, Wright said at the time during his demonstration.
By December 2019, when a judge in Florida ruled that Wrights late partner owned half of all the coins that Wright mined through the year 2013 and half of the intellectual property that was created, somecrypto expertsthought he was a fraud.
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UK Judge Rejects Scientist's Claim to Be Bitcoin Inventor - PYMNTS.com
Trump campaign begins accepting bitcoin, ether and other crypto donations – Blockworks
Former President Donald J. Trumps website says that the presidential candidate now supports crypto donations.
According to his campaign website, users can donate fiat or, selecting more options, donate crypto. His campaign supports donations made via Coinbase Wallet and MetaMask, and the donations are made to joint fundraising committees organized by the Trump campaign and the Republican National Committee (RNCH).
Demonstrating President Trumps success as a champion of American freedom and innovation, we proudly offer you a chance to contribute to the campaign with cryptocurrency, the site said.
Read more: Trump cites merchandise sales in apparent bitcoin U-turn
The site shows the logos for bitcoin, Ripples XRP, Ethereum, Dogecoin, Solaba, SHIB and Cardano.
Trump promised to allow crypto donations in a speech made earlier this month, which highlighted crypto as a political issue in this years presidential race.
This addition to President Trumps already groundbreaking digital fundraising operation marks the first time a major party Presidential nominee has embraced cryptocurrency for donations, a statement about the move said.
It added that Trump plans to build a crypto army ahead of the Nov. 5 election by allowing supporters to donate crypto.
Read more: Bitcoin may stay in a consolidation phase until US election: Novogratz
The former president is not the only candidate in this presidential race to offer people the chance to donate their crypto. Robert F. Kennedy Jr.s campaign announced that it would accept bitcoin last May.
But the opportunity for politicians to collect donations in more than just cash can be traced back to 2016, when Senator Rand Paul sought bitcoin donations during that years presidential election.
Presidential candidates Andrew Yang and Eric Salwell also accepted crypto donations back in 2020.
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Trump campaign begins accepting bitcoin, ether and other crypto donations - Blockworks
Bitcoin shorts worth $1.4B at risk of liquidation if BTC price hits $74.3K – Cointelegraph
The Bitcoin price is currently just 3% away from its all-time high (ATH) of $73,750. However, if it continues its current bullish momentum and posts a new ATH above $74,300, it would trigger the liquidation of nearly $1.45 billion in short positions.
According to data from CoinGlass, the number of long-leveraged positions is considerably higher than that of short-leveraged positions.
Shorting Bitcoin (BTC) involves borrowing BTC and selling it, expecting the price to decline. The trader aims to buy back the Bitcoin at a lower price, repay the loan and profit from the price difference.
In addition to the potential future price movements and their effect on short sellers, the price momentum over the past 24 hours has caused the liquidation of nearly $328 million in leveraged positions. Of this total, $64 million were long positions, while $264 million were short positions.
Bitcoin has followed a sideways price action, trading in the $60,000 to $65,000 range for nearly a month since the block subsidy halving in April.
However, the price has increased by over 5% in the past few days, surpassing the $70,000 mark on Monday, May 20, to reach a new multiweek high. Within 24 hours, the top cryptocurrency was trading above $72,000.
Related: Bitcoin price hits $70K as spot and BTC ETF buying surges
The recent bullish price momentum is attributed to several factors, including increasing investor confidence, decreasing exchange supply and inflows into United States-base spot Bitcoin exchange-traded funds (ETFs) after nearly two weeks of net outflows.
On May 20, spot Bitcoin ETFs saw positive inflows totaling $235 million. ARK Invest led the way with the largest net inflow, adding over 1,000 BTC. BlackRock followed closely with an inflow of 965 BTC. Meanwhile, the Grayscale ETF, which had been experiencing weeks of outflows, recorded an inflow of 140 BTC, marking its fourth consecutive day of positive inflows.
The current bullish price action for BTC also helped it post new highs in various countries,including Japan, Singapore and Argentina.
Magazine: What do crypto market makers actually do? Liquidity, or manipulation
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Bitcoin shorts worth $1.4B at risk of liquidation if BTC price hits $74.3K - Cointelegraph
Ether, bitcoin rally on renewed ETH ETF optimism – Blockworks
An eleventh-hour about-face from two Bloomberg exchange-traded fund analysts about the likelihood of the Securities and Exchange Commission approving a spot ether ETF sent crypto prices soaring Tuesday.
Ether (ETH) is up more than 23% since Monday, according to data from Coinbase. The cryptocurrency is currently trading at just under $3,800, almost $1,000 higher than it was just seven days ago.
Read more: Spot ether ETF decision week just got a bit more interesting
Bitcoin (BTC) is also on the rise this week, up close to 16% in the past seven days. The largest cryptocurrency broke $70,000 Monday, per Coinbase, for the first time in about a month.
The rally comes as Bloomberg analysts Eric Balchunas and James Seyffart who have elevated to somewhat of a celebrity status on so-called Crypto Twitter in recent months announced on Tuesday afternoon that they were upping their projections of spot ether ETF approval from 25% to 75%.
A person familiar with the matter told Blockworks Tuesday that conversations [with the SEC] are progressing. The SEC has apparently instructed issuers to update their 19b-4 filings, a sign that approval may be granted after all. The person was granted anonymity given the sensitivity of the discussions.
This does not mean approval is a given, but it would be really weird for the SEC to incur the extra time and admin cost if it is planning to reject, Noelle Acheson, author of the Crypto is Macro Now newsletter, said.
The SEC faces deadlines to approve or deny spot ether ETF applications this week on Thursday and Friday. An SEC spokesperson declined to comment.
Crypto markets soared Monday on signs that US regulators may approve spot ethereum ETFs, Zach Pandl, managing director of research at Grayscale, which currently has an ETH ETH application in with the SEC, said. The success of bitcoin ETFs has already demonstrated the popularity of these products with investors, but the impact of a potential approval extends beyond creating a new source of demand.
Also this week, investors will be watching a slew of Federal Reserve speakers Tuesday and awaiting minutes from the central banks most recent Federal Open Market Committee meeting to drop on Wednesday.
Odds of central bankers holding interest rates steady in June remain at 96%, according to CMEs FedWatch Tool.
US equities were fairly flat early in Tuesdays trading session with the S&P 500 gaining about 0.01% and the Nasdaq Composite dipping 0.2% an hour after the open.
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Ether, bitcoin rally on renewed ETH ETF optimism - Blockworks
Bitcoin hasn’t rallied much a month after the ‘halving’ event. Experts say $100000 is still in sight – Quartz
One month after Bitcoins big halving event, people in the crypto community want to know where the major cryptocurrency is heading.
Why Bitcoin and Ether are skyrocketing
The latest Bitcoin halving a technical event that cuts the reward for mining new Bitcoin by half occurredon April 19-20, which divided the reward from 6.25 Bitcoin to 3.125. Bitcoins halving, a feature to ensure the cryptocurrencys scarcity and safeguard it from inflation, happens every four years.
Right now, Bitcoins value is hovering around $65,000 and its primarily in the green because inflation has eased and the stock market is bullish. Bitcoin didnt jump significantly after the halving process and currently hovers roughly 12% below its record high of $73,803 set in March; its still up about 140% in the past year. But historically, Bitcoin has jumped after the halving event.
The first Bitcoin halving happened in November 2012, when the reward for mining a block was reduced from 50 Bitcoin to 25. At that time, Bitcoins price was $12. It went up to $44 in 100 days and then $135 in 300 days. The second halving event occurred in July 2016, when the reward was reduced from 25 Bitcoin to 12.5. The flagship cryptocurrency went from $658 to $1,551 in 300 days. At the third halving in May 2020, the Bitcoin incentive was reduced by half to 6.25 Bitcoin. At that time, Bitcoin was at $8,601, moving upward to $50,941 within 300 days.
Steven Lubka, a managing director at Bitcoin financial services company Swan Bitcoin, seems optimistic about the growth of the top cryptocurrency. In an email, he wrote that Bitcoins performance has a massive run-up ahead of the halving, which historically has not happened. Bitcoin has never really seen a sharp rise post-halving; it generally occurs on a month-by-month basis as time progresses, he said.
Rennick Palley, founding partner at the crypto venture capital firm Stratos, adds that in the next 12 months following the halving, Bitcoin will probably continue its upward price movement.
So why is this years halving different from its predecessors? Its primarily because Bitcoin reached its peak a month prior, making it difficult to maintain the same momentum. Plus, experts add, the mainstream adoption of Bitcoin and the launch of spot Bitcoin ETFs have changed the factors that affect the price movement of the top cryptocurrency.
According to Palley, the price of Bitcoin is now largely determined by global liquidity dynamics and adoption. As fiat money continues to be printed and as more people around the world recognize the value of Bitcoin as a store of value, the price of Bitcoin in dollar terms will continue to rise, he said.
Many will continue to be surprised by Bitcoins changes in dynamics, but the analysts say they wont be surprised if the flagship cryptocurrency crosses the $100,000 mark this year. Its always difficult to forecast an exact timeframe, but I expect six-figure Bitcoin on the horizon, Lubka said.
CoinGecko, a crypto tracking website, finds that Bitcoins price has increased by 96,302% since 2013.
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Bitcoin hasn't rallied much a month after the 'halving' event. Experts say $100000 is still in sight - Quartz